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Winter storm exposed cat bonds stage partial price recovery

After seeing their prices drop significantly in the wake of the US winter storms and severe freezing weather, a number of the exposed aggregate catastrophe bond tranches have now experienced a meaningful price recovery in the latest cat bond secondary market price sheets. As we explained last week, a number of read the full article →

US winter storm loss creep likely to be prolonged: Aon

The complexities surrounding the development of an ultimate of insurance and reinsurance market losses from the recent US winter storm event are set to be significant, with broker Aon warning to expect a prolonged period of loss creep. Currently, estimates for the insurance and reinsurance market loss range from low double-digit read the full article →

Winter storm at $12bn – $18bn only attritional to aggregate cat bonds: Plenum

The recent severe winter storm losses in the United States are only expected to have an attritional effect on certain aggregate catastrophe bonds, while per-occurrence bonds are expected to escape loss, according to Plenum Investments. The Zurich-headquartered specialist catastrophe bond and insurance-linked securities (ILS) investment manager noted that multi-peril aggregate cat read the full article →

USAA aggregate cat bonds in focus on winter storm impacts

Secondary market prices have dropped for some catastrophe bonds in the wake of recent severe winter storm losses in the United States, with aggregate Residential Re cat bonds, sponsored by primary military mutual insurer USAA, the names in investor focus. We've analysed some catastrophe bond broker pricing sheets and it's clear read the full article →

USAA’s commercial risk expansion may be relevant to future ResRe cat bonds

U.S. primary mutual insurer USAA has announced its first expansion into small commercial business insurance, with a new offering targeting its core market of military veterans. For around 30 years, USAA has offered small business insurance through unaffiliated insurance companies, but this new expansion will see the carrier offering its own read the full article →

Outstanding catastrophe bond market hits $26 billion again

The outstanding catastrophe bond market has reached and passed $26 billion in size again, the first time since early April 2016, as the completion of the CEA's $500m Ursa Re Ltd. (Series 2016-1) cat bond and American Strategic Insurance Group's $200m Bonanza Re Ltd. (Series 2016-1). The completion of these two read the full article →

2016 cat bonds top $5.3bn, USAA tops cat bond sponsor leaderboard

U.S. military mutual insurer USAA has topped the Artemis catastrophe bond sponsor leaderboard after its latest cat bond transaction completed last Friday, adding $400m to 2016 issuance and taking total risk capital issued year-to-date to $5.327 billion. The completion of USAA's $400m multi-peril Residential Reinsurance 2016 Ltd. (Series 2016-2) catastrophe bond read the full article →

USAA’s Residential Re 2014-1 cat bond hits $130m at pricing

U.S. primary insurer USAA’s latest and 22nd catastrophe bond issuance, Residential Reinsurance 2014 Ltd. (Series 2014-1), will complete at $130m in size while the deals pricing remained at mid and upper levels for the two tranche's to be issued. USAA's Residential Re 2014-1 was launched targeting between $100m and $150m of read the full article →

Residential Re 2014-1 cat bond to upsize, pricing moves to mid/upper end

U.S. primary and military mutual insurer USAA’s 22nd catastrophe bond issuance, Residential Reinsurance 2014 Ltd. (Series 2014-1), is progressing to market and is set to grow in size while pricing on each tranche of notes moves to the mid and upper end of guidance. This latest cat bond from USAA features read the full article →

Residential Re 2014-1 cat bond launches for USAA, features new perils

The most prolific sponsor of catastrophe bonds is back with its regular new issue timed for its mid-year reinsurance renewal. USAA has launched a Residential Reinsurance 2014 Ltd. (Series 2014-1) cat bond and the transaction features some new perils for the ILS market. This is the 22nd catastrophe bond transaction sponsored by read the full article →